Economy
May 2018 at a Glance
Written by Brett Linton
May 31, 2018
Steel Market Update adjusted its price momentum indicator from neutral to higher in late May. Across the month, hot rolled steel prices averaged $886 per ton (up $13 over April), while cold rolled was at $1,007 (up $1), galvanized at $1,100 (unchanged), Galvalume at $1,322 (up $6), and plate at $966 (down $8).
The SMU Buyers Sentiment Index three-month moving average (3MMA) continues to inch down from the March high.
We are seeing a reduction in the monthly average capacity utilization rates, with the May average at 75.6 percent.
Active U.S. drilling rigs have increased consistently and ended May at 1,059 operating units.
Those are some of the highlights for the month of May. See the month-at-a-glance below for much more information on market conditions.
To see a history of our monthly review tables, visit our website.
Brett Linton
Read more from Brett LintonLatest in Economy
Durable goods orders rise again in February
Transportation equipment led the increase, rising 1.5% to $98.3 billion.
Consumer confidence falls for fourth consecutive month
People remain concerned about inflation, trade policies, and tariffs.
Housing starts ticked up in February
Single-family starts last month hit a rate of 1.10 million, a month-over-month increase of 11.4%, census data shows.
Architecture billings continued to slide in February
The ABI is a leading indicator for near-term nonresidential construction activity and projects business conditions ~9-12 months down the road (the typical lead time between architecture billings and construction spending).
New York state manufacturing activity tumbles in March
After a modest recovery in February, business activity in New York state’s manufacturing sector declined sharply in March, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.